Margie Patel

It wasn't a material change.

This is artificial intelligence.

All the new chips and so forth are really...

a fundamental change in how we perform all kinds of tasks related in our economy.

And I think because it's happened so fast, it's really only been, say, one year, two years, it's hard to adjust to say we're looking on the verge of a whole new world in how we approach technology.

So I think that's why people are a little discombobulated seeing how fast these stocks have taken off.

But they all have the cash flow to finance this growth.

So it isn't as if they're artificially borrowing money to make investments that look pie in the sky.

Margie.

The beginning of something, yes.

Well, I think those partnerships where they've made equity acquisitions in some of these companies is just a business partnership.

It seems perfectly reasonable when they're striking up a deal between two companies.

And again, coming back to the companies like NVIDIA, they aren't borrowing money to finance this activity.

They really have enormous cash flow that they're using.

and deciding how to best allocate that.

So, I think that companies, particularly the large companies, have an idea of where they can best get the long-term returns on their cash flow, and that's what we're seeing.

Yeah, absolutely, Ed.

I think CapEx and cloud are the key units to watch out for.

Last quarter, we saw that Alphabet changed its guidance to $85 billion for spending on AI infrastructure for 2025, which was a $10 billion increase over its last guidance.

So, you know, Google is really showing its commitment to AI here.